In a normal early-January week the draw on natural gas inventories is about 170 billion cubic feet. This week, according to market watcher Bentek, the drawdown is expected to be on the order of 310 bcf (almost double) — the most ever.
The record demand stretched supplies in the Northeast. In the New York region on Monday prices for natural gas reached a record $100 per mmBTU. This is natural gas we’re talking about, not gasoline or oil. A week before spot prices were on the order of $4.25 per mmBTU.
The price shock was felt as far south as east Texas, where spot prices were up to $40.20 per mmBTU, nearly matching the record set back in 2004.
There’s also anecdotal reports of coal-fired plants going offline because their coal slurries froze up. As a result, during the deep freeze, nuclear power made up a bigger portion of the power supply pie, while some generators had to resort to the emergency measure of firing up their boilers with heating oil.
Some green environmentalists like to talk about reductions in nuclear power generation during heatwaves in France. Perhaps hundreds of seniors died in heatwaves in Europe. I am curious if they had the air conditioners installed which could be turned on in case of hot weather. They apparently could not go to the 24 hour Supermarket where there was air conditioning. In this case nuclear power was part of saving people from the cold.
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The record demand stretched supplies in the Northeast. In the New York region on Monday prices for natural gas reached a record $100 per mmBTU. This is natural gas we’re talking about, not gasoline or oil. A week before spot prices were on the order of $4.25 per mmBTU.
The price shock was felt as far south as east Texas, where spot prices were up to $40.20 per mmBTU, nearly matching the record set back in 2004.
There’s also anecdotal reports of coal-fired plants going offline because their coal slurries froze up. As a result, during the deep freeze, nuclear power made up a bigger portion of the power supply pie, while some generators had to resort to the emergency measure of firing up their boilers with heating oil.
Some green environmentalists like to talk about reductions in nuclear power generation during heatwaves in France. Perhaps hundreds of seniors died in heatwaves in Europe. I am curious if they had the air conditioners installed which could be turned on in case of hot weather. They apparently could not go to the 24 hour Supermarket where there was air conditioning. In this case nuclear power was part of saving people from the cold.
Read more »
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